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Three options to consider if you’re selling property in Dubai – News


Institutions can help people in the process

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Photos are for illustrative purposes only. – Photos provided

By Damon Meredith/Realty Bytes

published: Tuesday, March 28, 2023 at 3:47 pm

I own a dubai villa worth 2 million dirhams that i want to sell when i move to london permanently. I don’t have a loan on the property and I want to sell it by 6 months. Unfortunately, I did not find a suitable price or buyer. What are my options?

Find out online which agency stands out in your area or building and ask them for a property valuation. A sale may not be successful due to the price or how the property is marketed.

When selling a property, try to only work with one agent so that there is one point of contact. This will allow you to have just one point of contact for handling your property sales, qualifying buyers and maximizing your property marketing while you focus on moving to the UK.

You can also go a step further and provide a power of attorney from the agency. This means they can handle the entire sales process even if you are in the UK. Allows you to sell and transfer property without returning to the UAE.

Option 2: Short Term Rentals

The short-term rental market in Dubai has grown significantly. Owners going in this direction can earn much higher yields than a 12-month lease. There are several agencies in the market that can handle the whole process, which means you can let the property for a short term in the UK. STR also offers great flexibility, you can rent the unit for yourself, friends or family traveling to Dubai. Having a ready home base can save you a lot of money if you need to travel to Dubai.

Additionally, you can combine STR and property sales, allowing you to earn rental income while attempting to sell it and still market the property as a vacant assignment. Vacant on transfer is the term used in the market which is more attractive to end users as they can move in immediately.

Option 3: Property Management (PMGT)

If you can’t sell and don’t want to leave the unit vacant, you can also continue to rent out on an annual basis and get the property management company involved. Benefits include handling the entire process from marketing, qualified leads, contracts, handovers, inventory reporting, checkout and more.

Daimon Meredith is a Senior Sales Consultant for Betterhomes. – Photos provided

PMGT can also deposit rent checks, wire money directly into your overseas account, and handle all maintenance issues quickly and efficiently. The best part is that once the tenant moves out, PMGT will ensure that the handover is done in a professional manner and any issues with the property will be noted and deducted from the security deposit accordingly.

I have lived in the apartment for three years. I want to paint the place, but the strata is not obligated to do so, even though my contract says so. Please advise.

Regarding any maintenance inquiries regarding the lease, the lease contract should emphasize the expectations of both parties. Most contracts will have a repair cap that clearly states how much the renter is responsible for repairs and how much the landlord is responsible for paying for repairs. If the contract states that the owner/manager is responsible for painting the property, this should be honored. Therefore, you should try to contact the landlord directly and point out that the management company is not adhering to the terms stated in the signed lease agreement. Any unresolved concerns or issues can be contacted directly with Rera, but this is usually a last resort as it can negatively affect the relationship between tenant and landlord.

– Daimon Meredith is a Senior Sales Consultant for Betterhomes.The views expressed are his own and do not reflect those of Khaleej Times


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